The answer to this question is 0.004
The percent of the purchase price for Julio’s down payment was C. 18%
<h3>What is Interest Rate?</h3>
This refers to the amount of money that is added to a loan collected by a person, for when he makes repayment.
Hence,
Given that
- PMT monthly payment 1558.09
- R interest rate 0.05875
- K compounded monthly 12 because the payment is monthly
- N time 20 years
- Pv present value?
We use the formula Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv= 1,558.09×((1−(1+0.05875÷12)^(−12×20))÷(0.05875÷12))
=219,684.92
Next thing to do is make a subtraction to get the down payment:
267,900−219,684.92=48,215.08
Then the percentage would be:
48,215.08÷267,900= 18% approx.
Read more about interest rates here:
brainly.com/question/25545513
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5.25 gallons is your answer
